KWSG targets N2b micro-credit loan from CBN

Date: 2014-08-28

The Kwara State Government is sets to access N2 billion from the Central Bank of Nigeria (CBN) N220billion micro-credit funds to fund small and medium-scale enterprises (SMEs), according to Senior Special Assistant to Governor Abdulfatah Ahmed on SMEs, Lukman Adams.

 Speaking on Wednesday in Ilorin, at a public/private dialogue organsied by Kwara Coalition of Business and Professional Associations (KWACOBPA), Adams said the state governor had signed a Memorandum of Understanding with the CBN on the scheme, saying that the credit facility would aid growth of the SMEs sector and boost state’s economy.

He said that the loan guaranteed by Irrevocable Special Payment Order (ISPO) would be managed by a special purpose vehicle (SPV) to be established by the state government to guard against mismanagement.   

On the importance of the private sector, he said the feature of Nigeria is in the hand of the sector stressing that no economy can grow without the sector being at the forefront.

He said that "when there is a preponderance of the private sector in any economy there can't be chaos but when it is preponderance of the public sector there will be chaos.”

Adams who commended the KWACOBPA on the steps it is taking on demand for earmarking, by law, one per cent of the state budget as micro-credit fund for the SMEs assured that the government would not be indifferent to the demand.   

Earlier, chairman of the KWACOBPA, Hezekiah Adediji said the association is presenting to the state House Assembly a bill on the earmarking of one per cent of the budget for the SMEs to ensure that the scheme as a legislative backing that will make a permanent feature of the state administration regardless of the party in power.

Chief Adediji added that the scheme would increase business activities which will in turn translate into more employment, reduction of crime rate and increased revenue for development of the state.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Hameed Oladipupo Ali     Anilelerin     Hassan Saliu     Sulyman Age AbdulKareem     Idofin     Yusuf Lanre Badmas     IYA ALFA NLA     Hassan Taiye Salam     Olugbense     Saad Belgore     Aliyu Kora Sabi     Rotimi Atere     EFCC     Unilorin     Kamaldeen Gambari     Adamu Ibrahim Sabi     Ope Saraki     Afonja     Abatemi Usman     April 11     KW-GIS     Kamaldeen Ajibade     Olokoba Sulyman     Oba Abdulkadir La\'aro     Moses Rahman Popoola     KWSIEC     Lawyers Unite Against Corruption     Arca Santa     Ajidagba     Omoniyi     Irepodun     Rafiu Ajakaye     Doyin Agbamu     TVC Female National Debate     TETFUND     Eghe Igbinehi     Jumoke Monsura Gafar     Osinbajo     Abubakar Abdulraheem     Mujtabah Bature     David Oyerinola Adedunmoye     Asiwaju Bola Tinubu     Sheriff Shagaya     Bureau Of Lands     Abdulmumini AbdulRazaq     Mohammed Ibrahim     Lai Gobir     Olofa Of Offa     Adedipe     Alagbado     Olatunde Jare     Alaro     Lanre Aremu     Kwasu     Abubakar Kawu Baraje     Gbugbu     REO CAKES     Democracy Day     Share-Tsaragi     Shuaib Olarongbe     Mutawali     Bello Oyebanji     AbdulRazaq AbduMajeed Alaro     Bello Bature     Galadiman Ngeri     Yakubu Gobir     Abdulmumin Yinka Ajia     Ejidongari     Sola Saraki University     Orisa Bridge     Abdulwasiu Bolaji Adeyi     Makama Of Kaiama     Alfa Yahaya Road     Oke-Ogun     Oyin-Zubair     Federal Polytechnic Offa     Olubukola Kifayat Adedeji    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

UTME     Mohammed Haruna     Freshvine Nigeria Limited     Abubakar Ndakene     Baba Adini Of Kwara State     Abdulrazaq Solihudeen     Orisa Bridge     PPS     Aro Yahaya     Adeleke Ogungbe     Muhammad Mustapha Suleiman     Maryam A. Garuba     Abdulrahman Iliasu     Col. Ibrahim Taiwo     Kanu Agabi     Tafida Of Kaiama     Kawu     Eghe Igbinehin     Kayode Oyin-Zubair     Hydroelectric Power Producing Areas Development Commission     2023 Elections     Segun Olawoyin     Alfa Belgore     Abdulrasaq Alaro     Seun Bolaji     Sheriff Shagaya     Yusuf A. Usman     Face Masks     Habeeb Saidu     Bursary     Kishira     Garba Dogo     Yakubu Gobir     KWACOBPA     Afolayan     Titus Ashaolu     Abdulfatai Ahmed     Oba Abdulrahim     Idowu Aremu     Leke Ogungbe     Mutawali     EndSARS     Isapa     Babaita     Musbau A. Akanji     Suleiman Idris     Oasis Muslim Care Foundation     Issa Memunat Moyosore     Aliyu Muyideen     Balikis Jawondo     Halimat Yusuf     Ubandoma     Dan Iya     Ballah     Taofeeq Olateju     Ibrahim Abdulqadir Abikan     Oba Abdulraheem     Guber Aspirant     Ishaq Abdulkarim     Shettima     Iyabo Dupe Adekeye     Road Transport Employers Association Of Nigeria     Kwara State University Of Education     John Olajide Adedipe     Hijaab     Sarkin Malamai     Odolaye Aremu     Ilorin South Constituency     Emir Of Lafiagi     Code Of Conduct Tribunal     Kwara 2015     Aso-ofi     YAKOOYO     Kwara Muslim Pilgrims Welfare Board     Saka Keji     Col. Taiwo     Nigeria Governors\' Forum